Business key term theme 3

  • Created by: JudyF
  • Created on: 22-01-18 12:00
Absenteeism
The number of staff who miss work.
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Ansoffs matrix
A model which analyses the degree of risk and potential for reward
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Average rate of return (ARR)
A Technique that calculates average profit of the cost of an investment
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Business cycle
Fluctuations in the level of economic activity in a country
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Business ethics
Morality in decision making
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Consumer protection
Laws that protect the consumer from firms with regards of quality and services
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Cooperation economies of scale
Greater cooperation between businesses within in the same indusyty
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Corporate aims
The long term goals of a business which form its guiding principles
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Corporate culture
The values shared by people & groups within an organisation
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Corporate objectives
The medium to long term goals of a business which form its guiding principles
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Corporate Social Responsibility
A business decision to accept responsibility for its social, environmental and ethical actions
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Critical path analysia
A technique used to identify the order in which tasks should be completed
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Decision trees
A model that visually presents the alternative courses of actions
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Diseconomies of scale
The disadvantages suffered as a result of a business increasing its scale of operations
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Distinctive capabilities
The combined expertise, knowledge and experience of leaders that lead to a competitive advantage
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Economies of scale
The advantages enjoyed by a business when increasing its scale of operations
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Environmental protection
Legislation that ensure the production of goods dosent have a negative impact on the environment
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Evidence-based decision making
Scientific decisions that are backed by research
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Exchange rates
The value of ones currency in relation to another countries
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Expertise economies of scale
The benefits enjoyed when a country gains a comparative advantage
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GDP
Gross domestic productivity
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Gearing ratio
A measure of the proportion of a business capital that is funded by loans
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Gross profit
Profit - cost of sales
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Horizontal integration
A merger/takeover of two businesses that operate at the same stage of the production
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Inflation
A general rise in prices or a fall in the value of money
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Interest rates
The value of money, the cost of borrowing or the reward of saving
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Legislation
The creation and enacting of laws to protect society as a whole
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List of the five forces
Competitive rivalry Buying power of consumers Selling power of suppliers Threat of substitutes Threat of new entrants
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Long termism
Decision making is focused on achieving a long term vision
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Managerial economies of sclae
Benefits enjoyed when a business can employ specialist personnel
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Market share
Sales of one firm/total market sales x100
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Operating profit
Gross profit - expenses
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Overtrading
A business has expanded too rapidly resulting in operating beyond its level
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Person culture
A type of culture where a high degree of autonomy is given to individuals who are often highly skilled
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Porters Five Forces
A model that helps firms analyse their position in terms of competition in that market
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Portfolio analysis
The process of looking at the range of products a business has under its control
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Purchasing economies of scale
The benefits enjoyed when a business is able to negotiate discounts with suppliers for bulk buying
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Risk assessment
The process of identifying any potential scenarios, and planning a respons
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Risk mitigation
The actions taken by a business to minimise risk
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Role culture
A type of culture where there a clear rules and a clear hierarchy
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Scenario planning
The process of preparing for the unexpected events
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Short termism
Pressure on a business to perform in the short term
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Subjective decision making
Decisions made that are based on gut instinct rather than scientifically
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Technical economies of scale
The benefits enjoyed when a business is able to spend more on larger & more efficient machinery
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Other cards in this set

Card 2

Front

A model which analyses the degree of risk and potential for reward

Back

Ansoffs matrix

Card 3

Front

A Technique that calculates average profit of the cost of an investment

Back

Preview of the back of card 3

Card 4

Front

Fluctuations in the level of economic activity in a country

Back

Preview of the back of card 4

Card 5

Front

Morality in decision making

Back

Preview of the back of card 5
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